The National Agency for Food and Drug Administration and Control has announced a comprehensive revision of its charges for Micro, Small, and Medium Enterprises to align with global economic realities.
The move, according to the agency is aimed at encouraging investment and fostering growth in the Nigerian healthcare sector amidst prevailing global economic challenges.
Following a recent national council meeting, NAFDAC has implemented significant reductions in processing fees. The renewal fees for locally manufactured products have been slashed by 65%, now at N44,200, down from the previous N68,000.
Correspondingly, the processing fees for foreign products have witnessed a 45% reduction, dropping to $450 from the earlier $1,000. In addition, a 10% review of the tariff structure for facility and inspection fees in Special Economic Zones has been approved.
Prof. Mojisola Adeyeye, the Director General of NAFDAC, provided insights into the rationale behind the adjustments. She highlighted that the goal is to support MSMEs in navigating the temporary economic challenges triggered by the fuel subsidy removal and to improve the overall business environment in Nigeria.
Adeyeye stated, “This is our moment, and NAFDAC, as a regulatory agency, is prepared to back MSMEs and other businesses that are prepared for the innovative and interesting times that lie ahead of us.”
In response to the global economic uncertainties, Adeyeye reassured businesses that NAFDAC will continue to implement practical measures to safeguard the growth of the MSME sector. She emphasized the agency’s commitment to providing support not only to existing MSMEs but also to new ventures, ensuring that the economic downturn does not hinder the growth of the sector.
Describing the measures as a thoughtful and strategic response to the current economic conditions, Adeyeye added, “These are all indicators of the new spirit of NAFDAC and foretaste of the support MSMEs stand to enjoy in wading through these trying times. But this is not a new undertaking for us. It is merely an extension or intensification of the federal government’s long-standing commitment to MSMEs.”
